6 Ways to Save for a Summer Vacation

May 11, 2020

It might feel like a long way away, but setting up a savings strategy now can help you cover the costs of your next Summer vacation. The first step is to set a budget. That will make searching for hotels and flights easier. When you have a budget range to work with, use these six savings tips to start saving for your summer getaway.

Set up a savings account.

Opening a separate savings account specifically for vacation will help keep better track of your money and focus on making that account grow. Review the statement periodically to stay motivated and on track with your savings plan.

Make weekly contributions.

Most of us prefer a monthly budget to organize our income and expenses, but consider making weekly contributions for your summer vacation fund. Making a habit of depositing money every week, instead of every month, will help you make saving money a higher priority in your life.

Cut down on leisurely expenses for at least three months.

Review your spending habits and reconsider how much you are spending on eating out or entertainment. Change your mindset to limit extra expenses so you can maximize your budget. Do you think you can commit to scaling back on extras for at least 90 days so you can free up more money for that vacation?

Make use of savings and budget apps.

It can be hard to keep track of daily expenditures. Some apps can help you manage your budget and savings goals by tracking your spending and savings contributions in real-time and can make it easy to set and achieve your financial goals - and it might even raise awareness of your spending habits.

Prepare your food.

Dining out regularly can put a hole in your budget. Scaling back on dining out, even for a small period, will help you save a significant amount of money that you can put toward those summer travel funds.

Sell something specifically for your travel funds.

Time for a closet or garage clean up! Do some winter/spring cleaning to sell a few items and use the money towards your savings fund. You can sell items on eBay, Craigslist, or even Facebook Marketplace to sell things to friends.